Havana, Mar 6 (IANS): Russia and Cuba have implementing financial mechanisms to shield their economic cooperation from US sanctions, as per Russian Ambassador to the Caribbean nation Andrey Guskov.

"The introduction of independent settlement mechanisms is being successfully carried out, which will help protect cooperation with Cuba from the negative impact of the US trade, economic and financial blockade, as well as establish ties bypassing the financial organisations of unfriendly states," Guskov said, RT reported.

In January, Russia-Cuba Business Council Chairman, Boris Titov, said that in order to mitigate the effect of Western sanctions, the countries are considering new mechanisms for mutual settlements, including in ruble and cryptocurrencies, as well as clearing schemes.

Moscow has been also promoting its SPFS interbank messaging system as an alternative to SWIFT as the West ramps up its economic restrictions. Nearly 470 participants, including foreign entities from 14 countries, have already joined the SPFS. Russia has also accelerated efforts to move away from the US dollar and euro towards settlements in national currencies.